Mode Global shares plunge as some brands pull out of Bitcoin Cashback programme

[MongiIG]

By Samuel Indyk, 19th November 2021. Investing.com

Investing.com – Mode Global (LON:MODE) shares plunged almost 20% at the open on Friday after the company said some brands had withdrawn from the company’s Bitcoin Cashback affiliate programme.

On Thursday, the London-listed fintech announced that Ocado (LON:OCDO), Boots, and Homebase were among over 40 retailers that would be using Mode’s standalone affiliate product where users could earn Bitcoin cashback on purchases. 

However, Mode has today attempted to clarify information related to yesterday’s announcement.

“The Company reaffirms that it will launch its standalone affiliate product in Q2 2022, which will see Mode customers receiving Bitcoin Cashback from participating online retailers in the UK.

“Currently, over 40 online retailers have accepted Mode onto their affiliate programmes.

“As with all affiliate programmes of this nature, it is at the discretion of the retailer as to how long they wish to remain involved in the programme.

“Some of those specified brands have since withdrawn Mode as an affiliate.”

It is unclear which of the previously mentioned brands has now withdrawn from the programme.

Mode confirmed that the full list of participating retailers, as well as the terms of the programme, will be available on the Mode app at the time of launch, which is still expected to occur in the second quarter of next year.

At 08:47GMT, Mode Global Holdings shares were trading lower by 15.6% at 34.18 pence per share.